Buy to let lenders extend offers and cut rates across new products

Paragon Bank has moved to bolster its new build buy to let proposition, extending the validity of mortgage offers and unveiling a redesigned broker portal.

The lender has increased the standard offer period for landlords purchasing new build properties to six months, double the previous timeframe.

Borrowers can also request a further three month extension, taking total offer validity to nine months, although applications running beyond the initial six months will require a physical reinspection and reassessment.

Paragon said additional flexibility would come from changes affecting homes bought off-plan or part-built by national house builders.

In those cases, no further internal property reinspection will be required, reducing both delays and costs.

New build BTL offer

Paragon’s BTL product manager, James Harrison, said: “Enhancing our new build proposition provides landlords with the increased certainty of having a mortgage offer that is valid for six months, with the flexibility to request a three-month extension to nine months.

“These proposition improvements are supporting landlords to invest in new build homes, helping to bring good quality into the private rented sector.”

The lender’s new broker portal dashboard is designed to bring applications, tracking and case management into a single view.

Brokers can submit buy to let and refurb-to-let applications, complete product switches and request further advances through one system, with live status updates.

Fleet widens BTL range

Fleet Mortgages has expanded its range with the introduction of new 65% LTV products and rate cuts across selected two-year fixes at 75% LTV.

The new 65% LTV range includes a five-year fixed rate for standard and limited company borrowers at 4.89% with a £1,499 fee and free valuation up to £500k.

Limited company borrowers also gain access to two-year fixed rates at 4.74% with a £1,499 fee or 5.19% with no fee.

HMO and MUFB landlords are offered a five-year fix at 4.89% with a 3% fee or a two-year fix at 5.49% with no fee, both including £1,000 cashback.

Fleet has also reduced rates across two-year fixed products at 75% LTV, with cuts ranging from 10 to 25 basis points.

Standard and limited company rates now start from 3.69% with a 3% fee, while HMO and MUFB pricing begins at 3.99% with the same fee structure.

Steve Cox, the chief commercial officer at Fleet, said: “Landlords with strong levels of equity are often very focused on price, and this new 65% LTV range is designed with that in mind.”

Coventry BTL rate reduction

Coventry for Intermediaries has also announced reductions across its limited company buy to let range, cutting rates by up to 18bps for both purchase and remortgage cases.

The revised range includes a five-year fixed rate at 4.96% to July 2031 at 75% LTV with no product fee for remortgaging landlords.

That sits alongside a two-year fix at 4.57% to July 2028 at the same LTV with a £3,999 fee for purchases.

The move follows the lender’s recent launch of EPC-linked products offering lower rates for properties rated A, B or C.

Jonathan Stinton, the head of intermediary relationships, said: “Our latest reductions mean brokers can offer their clients greater choice, whether they’re looking to remortgage or purchase through a limited company.”

Moneyfacts highlights Cambridge BS

Meanwhile, Moneyfactscompare.co.uk has highlighted a revised discounted variable buy to let deal from Cambridge Building Society in its Pick of the Week.

The two-year discounted variable mortgage at 80% LTV is now priced at 4.79% following a 0.05% cut, with a £499 fee and a package of incentives for remortgaging landlords including a free valuation and free legal fees.

The product is available to second-time buyers and remortgage customers in England and Wales.

Caitlyn Eastell, the platform’s personal finance analyst, said: “Landlords looking to keep costs low will be pleased to note there is a smaller than average £499 fee alongside a generous incentive package for those remortgaging which includes a free valuation and help towards costs.”

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